Prime Minister of Indian Mr. Narendra Modi announced Pradhanmantri Jan Dhan Yojana on August 15, 2014 which officially launched on August 26, 2014. Government has also made enough arrangements to assure successful implementation. According to the news more than seven cr accounts will be open that will later be linked to Aadhaar card. There are many promises and hopes that the government has associated with this but on real grounds following people will be impacted as result of successful implementation (Assumed if the government is able to do what it said).
This scheme will work for helping not only poor people with health insurance of 1 lack but will also benefit to middle class or lower middle class to get subsidies. The number of accounts may look less at this point but if the government is able to do what it said the impact will be huge in terms of reducing corruption from our country.
Impact of Jan Dhan Yojana | A small analysis
The impact will be huge among various sectors of the society and business out of some listed here.
Anyone who does not have an account will get an account in bank.
There will be a debit card associated with these account to assure no need of carrying cash all the times.
Common man will get direct benefit of government subsidies.
If these people get proper training for operating the account then there will be no requirement for going to perform various transactions like paying electricity bills, phone bills etc.
Time saved is time earned that can be invested in other important activities.
Every person associated under this scheme will get Rs 100,000 of insurance.
Common man will also have a financial and credit history on government records.
It will be easy to get loan directly from financial institutions instead of other modes that charge heavy interest rate.
More and more people will be doing shopping via debit cards reducing time, manpower and risk involved in managing cash transactions.
Â More people / debit cards will be available for online transactions.
Â More relevant data will be available to perform various analyses to create marketing plans.
It will be a great milestone achieved after linking with Aadhaar card to make direct financial transactions, subsidies transfer and lot more.
Â It will be easy to monitor transactions and collect financial data as more people will be using recorded mode of payments.
For Corrupt People
Life will be little tough for these people.
Now there will be less income as there will not be many people to offer bribe.
Banks will get new customers that directly means more money inflow.
These customers may result in potential clients for other banking services like loans.
Let’s see how far we go to make our India better. Help anyone who is looking for information inside a bank or about how to open an account. At least we can do this little.
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